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ad law that will allow for the restructuring of their banks. this essentially means their sickest and largest banks will be down sized and made more healthy. this was a key demand by the european partners in order to secure a 10 billion euro bailout for the country. when the law is passed depositors who hold less than about $130,000 they will be fully protected. those who are above 100,000 euros are likely to face loss. they may get equity in a new bank, we'll have to wait and see. but bottom line this is what we needed to see by monday in order for the bank to be able to reopen on tuesday with the key backing of the european central bank. back to you. >>> many thank to cnbc michelle caruso-cabrera. let's bring in our contributor, andy bush, author and publisher of the "bush update" and lecamp. >> i would caution optimism. there's going to be a bank run as soon as these banks open up on tuesday. the corporate money will pull out as fast as they can. we're not sure how much will destabilize what's left of the cypriot banking system. this isn't like an earthquake but this will help
! >>> >>> the tiny island of cyprus sets off big scare with plans to set off the rule of law. they want to tax all bank depositors large and small to pay for a bailout. this has never happened before.e are in trouble. if nothing happens, optimism runs the show. cyprus is the money ground for dirty money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls bel
at the borders to make sure people aren't bringing out large amounts of cash. normally under european law, that would be prohibited. but there are exceptions for emergencies. it's going to be pretty tough here over the next couple of days, larry. and if they don't come up with a deal, which people still think is actually quite possible, this could be a situation where we're talking about a country leaving the euro. but we're not there yet. back to you. >> all right. many, many thanks, michelle caruso-cabrera, we appreciate the update. you'll continue to give us live reports tomorrow on cnbc throughout the day. meanwhile, the finance minister of cyprus will present a plan to russia tomorrow that apparently would have the oil and gas company restructure the cypriot banks in return for full natural gas exploration rights. of course, this would bail out the russian money launderers and other depositors in the cyprus banks. no doubt, russia is invested in this crisis. the country reportedly keeps $19 billion in personal deposits in cyprus. nobody knows what that means. nobody knows what the pa
is basically the states started passing abortion laws, and the supreme court swooped in and said it's all or nothing, and that debate rages 40 years later. i don't know the supreme court will find a constitutional right to marry for anyone because this is something that's traditionally left to the states. public opinion aside, this is not a popularity contest. this is not do we all know and love somebody who's gay? because we all do. >> the supreme court has already recognized there is a fundamental right to marry, it's repeatedly held that. and it held that most famously in the 1967 case, loving versus virginia, which is a case that said the states' decision about making interracial marriage illegal was not constitutional. so having states make these decisions on a fundamental right like marriage is not acceptable under the constitution. >> i would argue it's a little bit more complicated. the problem is this. people who are allowed to get married -- and this is actually the case that's going to be argued tomorrow. people who are allowed to get married, which is now nine states plus d.c.
of years. john boehner said, it's the law of the land. he walked that back afterwards, but that is what he is thinking. this is a fight that will take place in policy documents and political documents like ryan budget but when it comes to funding -- voting on bills that will become law, obamacare -- >> this continuing resolution does not have funding for bom a bomb -- for obamacare. >> it won't. >> they will find a deal to fund it through other monies, they will not crimp it, obama will not sign thinking that will slow it down. >> we will track it, i have to jump, this is a big fed day, stocks generally liked what they heard from ben bernanke, i wonder if he was signaling a little let easy money, that is my take next up on kudlow. there's this island -- and it's got super-cute kangaroos. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's
's law. the next supreme court justice nominee is certainly going to be asked did you pay your sales tax on your internet purchases. and the answer is likely to be no. this will be the equivalent of the old nanny taxes. this is an efficient way of collecting taxes owed. plus let's face it, state governments have a lot of expenses. they have police, firemen and they have to pay for them. >> by taxing? >> it's not fair to compete with brick and mortar retailers. they have to pay it. >> it took a little while but we finally smoked it out. he wants the state to have more revenue for spending. i want you to follow up, grover on what he's saying. is it true all these republican governors really want this? >> well, no. some governors want higher taxes that other people will pay. they'd love to have the federal government pass a law that gave them money and they'd go, oh, look, i don't have any fingerprints on this tax increase. if they wanted to steal this money themselves from their own citizens, they could do that yesterday. this is all a big goldberg contraption to get money out of other peo
Search Results 0 to 5 of about 6